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Posts Tagged 'reverse mortgage spouse'

Reverse Mortgage Spouse Rule: “Eligible” vs “Ineligible” Protection

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What is the difference between an eligible and an ineligible spouse?  Great Question!  Firstly, it’s not an eligible or ineligible “spouse”, but eligible and ineligible non-borrowing spouse. A non-borrowing spouse is one who is not going to be on the loan because they do not meet the HUD criteria to be a HECM borrower. The eligible or non-eligible determination is...
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Big Changes Ahead for Reverse Mortgage Non-Borrowing Spouses

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An upcoming rule change is spelling big news for non-borrowing spouses of reverse mortgage borrowers. Historically, a non-borrowing spouse who wasn’t named on the loan could be held responsible for repaying the reverse mortgage when the named borrower passed away or had to move from the home permanently. This left some non-borrowing spouses lacking financial options if they didn’t...
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